Irish Property Fund announces that customers will have to provide a 6 month advance notice for withdrawals

Earlier this week, Irish Life, an insurance company, announced that due to a rise in customer withdrawals, they have implemented a six-month advance notice requirement for withdrawal requests from their 500-million-euro property fund called the Irish Property Fund. However, this new rule does not apply to their larger Exempt Property fund. The Irish office market, which has seen significant growth in recent years due to substantial investment from multinational tech companies, is currently facing challenges as a result of the increased adoption of remote work.
A withdrawal notice is a written notice given by an account holder or investor to a financial institution or investment firm, indicating their intention to withdraw all or a portion of their funds or investments from an account or investment product. The purpose of a withdrawal notice is to allow the financial institution or investment firm to prepare for the withdrawal by selling off investments, liquidating assets, or otherwise obtaining the necessary funds to fulfil the withdrawal request.
The notice period required for a withdrawal notice varies depending on the terms of the account or investment product, but it is typically between 30 to 90 days. In some cases, a withdrawal notice may be required by law or by the terms of an investment product, such as a fixed-term deposit account or a bond. Failing to comply with the notice period may result in penalties or fees or may result in a delay in receiving the funds.
According to a report released by Irish Life on January 31st, the Irish Property Fund has experienced a 2% decline in the last three months, as well as a 1% annual decrease over the past three years. Nonetheless, the statement declared that the company’s positive long-term outlook for the property market remains unchanged.
The Irish Property Fund by Irish Life is an investment fund that is focused on investing in commercial property assets in Ireland. The fund is managed by Irish Life Investment Managers, which is part of the wider Irish Life Group. The aim of the fund is to provide investors with a diversified portfolio of commercial property assets across different sectors, including office, retail, and industrial properties. The fund also invests in development projects and has a focus on sustainability and environmental, social, and governance (ESG) factors.
The Irish Property Fund by Irish Life has a strong track record of delivering strong returns for investors. Investors can access the fund through a range of investment vehicles, including unit trusts, investment bonds, and pensions. The minimum investment amount varies depending on the investment vehicle, but generally ranges from €5,000 to €10,000.

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Irish Property Fund announces that customers will have to provide a 6 month advance notice for withdrawals

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